Canadian cannabis producer Entourage Health Corp. (TSXV:ENTG) (OTCQX:ETRGF) (FSE: 4WE) announced on Friday its third quarter financial results for the three months ended Sept. 30, 2024.
The company reported an 8% year-over-year increase to CA$9.5 million ($6.8 million) in net revenue for the period. Sequentially, net revenue increased by 2.1%
George Scorsis, the company's CEO and chair, said the revenue growth is a result of a strategic shift into different markets. The move allowed the company to "diversify and tap into new opportunities," Scorsis said.
Read Also: Entourage Health Cannabis Reports 9% YoY Increase In Q1 Revenue, Positive EBITDA And ‘Substantial Growth’
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Q3 2024 Financial Results
- Gross profit was CA$2.9 million, up from CA$2.4 million in the prior year's period.
- Gross margin improved to 30%, up from 27% in the same period last year, driven by enhanced operational efficiencies and automation.
- Net loss and comprehensive loss dropped to CA$8.4 million year-over-year from nearly CA$10 million.
- EBITDA was a loss of CA$1 million, representing a 70% improvement compared to a loss of CA$3.4 million in the third quarter of fiscal 2023.
- Selling, general and administrative expenses were reduced by 32%, reflecting savings from restructuring and discontinued activities in 2023.
What's Next
“With the holidays approaching, we are excited to introduce several highly anticipated products, demonstrating our commitment to delivering meaningful and timely offerings,” Scorsis said. “As the cannabis industry stabilizes, our team's creativity and operational focus on optimizing the business will position us as a market leader."
Read Next:
- Cannabis Co. Entourage Health Reports 126% YoY Increase In 2023 Gross Profit, Cuts Losses Significantly
ETRGF Price Action
Entourage's shares traded 18.75% higher at $0.0048 per share at the time of writing on Friday.